CHO YANG LAYS OFF ENTIRE BOARD OF DIRECTORS

CHO YANG LAYS OFF ENTIRE BOARD OF DIRECTORS

   Cho Yang Shipping, the debt-laden Korean shipping line, has dismissed the 19 directors on its board of directors as part of the handover of the company to a receiver appointed by the court.

   However, three former directors have been retained to “work to receive the court’s final approval for reorganization proceedings,” the company said. They are: N. H. Paik, former managing director; T. S. Lee, a former director; and J. H. Lee, another former director.

   Cho Yang filed for bankruptcy proceedings at the end of May and aims to present a reorganization plan.

   The company also announced an organization revamp plan that would change the current structure of 23 teams and five local offices into 14 teams and six local offices.

   The receiver appointed by Korea’s First Court of Company Reorganization is Soon Bae, a former chairman of Korean information technology company IMS System Co., Ltd. who was previously a senior executive of Cho Yang.